Tüpraş (TUPRS) 4Q25 Financial Results

Tüpraş reported 4Q25 net sales of TL206.0bn (y/y -9%; q/q -11%), EBITDA of TL14.3bn (y/y +35%; q/q -31%) and net profit of TL6.8bn (y/y +33%; q/q -47%) (Tacirler: TL205.4bn / TL14.6bn / TL6.2bn; Consensus: TL209.6bn / TL15.5bn / TL5.0bn). While net sales and EBITDA were broadly in line with our expectations, net profit came in above our estimate. The upside was driven by strong product cracks, a more limited monetary loss versus last year, and an improvement in inventory losses.